Post-Hurricane Resources and Guidance for Apartment Firms

NMHC’s
Hurricane Resource Center remains the
best place to get news related to the storms, however, this document compiles
in one place resources of primary interest to apartment owners and
operators.

Pre-Storm Preparations

NMHC has organized pre-storm
information for apartment owners here. It includes sample resident communications,
information on temporary shelter and aid and links to local disaster
preparation guidance from the communities affected.

Property Operations Resources/Guidance

Revenue Management. Many firms have reported that they have frozen rents and turned off their revenue management systems so they can review all rates manually so they can be assessed responsibly and sensitively. Firms are also ensuring that residents and prospects have flexible lease terms available and that these are managed thoughtfully with regards to ongoing expiration management. Texas and Florida both have anti-price gouging laws and practitioners should be sure they are familiar with those laws.

Online Payment Portals. Many firms also immediately stopped pre-arranged payments for sites that were no longer inhabitable or chose to delay rent due to the hurricanes. They also turned off late fees.

HUD Multifamily Disaster
Guidance. Details regulatory/policy relief available
during a disaster as well as policies on occupancy standards, vacant units,
evictions, Section 8 residents and more.

Checklist from New Orleans Apartment Association based on
lessons learned during Hurricane Katrina.

Firms
who have properties that were damaged by the storm should start by contacting
their loan servicer as soon as possible.

Freddie Mac 90-Day
Loan Forbearance.
Freddie Mac has announced that for any loan secured by a property located
within a county or parish designated by FEMA as a disaster area, they will
offer forbearance up to 90 days (3 monthly payments) on Borrower request. If
accepted, Freddie Mac will also waive any associated late charges and default
interest. The Borrower must repay the
total forborne amount, without additional interest or prepayment premiums, over
the ensuing 12-month period.

Recovery Resources

National
Flood Insurance Program. NFIP policyholders are encouraged
to contact their insurance company and report a flood claim as soon as
possible. If you aren’t sure if you have
flood insurance with the National Flood Insurance Program or you don’t know
your agent or company of if you have an NFIP Direct policy, call
1-800-621-3362, select option 2, and speak with the NFIP call center. The TTY
number is 1-800-462-7585.

SBA Disaster Loans: FEMA does not offer assistance to small businesses,
including property owners, who don’t have federal flood insurance. However, businesses can qualify for loans for
up to $2 million for business assets including damages to building, machinery
and equipment and inventory, with interest rates as low as 4 percent and 2.625
percent for non-profit organizations. Terms can be up to 30 years with payments
based on the applicant ability to pay.

Housing Choice
Voucher Units.
Owners with units rented to housing choice voucher holders should know that
PHAs have flexibility on the deadline to conduct repairs where “deficiencies
are not life-threatening and the unit is habitable. (See page 30 of this HUD FAQ).

DisasterAssistance.gov. This
federal web site offers information on more than 70 forms of assistance from 17
federal agencies.

Emergency Inspections. InfoTycoon has launched a program that
offers free emergency inspections to those affected by the hurricanes. Any
multifamily owners or operators in the impacted areas are eligible to use
the company’s platform for inspections. Industry professionals can click here to contact the
company for additional information.

Making Your Apartments Available to
Victims

The following portals have
been created to make empty units available to hurricane victims.

Revenue Procedure 2007-56: Provides extensions for certain tax deadlines for affected taxpayers in disaster area. The IRS is providing qualifying taxpayers until January 31, 2018, to file tax returns orginally due on or after September 4, 2017. Affected taxpayers owing estimated taxes due on or after September 4, 2017, will have until January 31, 2018, to make payment without penalty. Notably, taxpayers may be considered “affected” even if they live outside of the disaster area.

Hurricane Irma

IR-2017-155, IRS Expands Tax Relief to
Victims of Hurricane Irma in Florida; Extension Files Have Until Jan. 31
to File

VI-2017-01, Victims of Hurricane Irma that
took place beginning on Sept. 6, 2017 in parts of U.S. Virgin Islands may
qualify for tax relief from the Internal Revenue Service.

Revenue Procedure 2007-56: Provides extensions for certain tax deadlines for affected taxpayers in disaster area. The IRS is providing qualifying taxpayers until January 31, 2018, to file tax returns orginally due on or after September 4, 2017. Affected taxpayers owing estimated taxes due on or after September 4, 2017, will have until January 31, 2018, to make payment without penalty. Notably, taxpayers may be considered “affected” even if they live outside of the disaster area.